News

Today In Payments: COVID-19 Triggers Job Losses; JPMC First Big Bank To Shutter Branches As Virus Spreads

In today’s top news, due to the coronavirus, over 3,600 workers have lost their jobs and JPMC has temporarily closed 1,000 branches. Also, Square won a banking license for an industrial bank in Utah.

Coronavirus Triggers Job Losses, Reduced Hours

Over 3,600 workers — not counting restaurant staff-have lost jobs because of the coronavirus pandemic. Most losses have been in the entertainment and leisure sectors.

JPMC First Big Bank to Shutter Branches as Virus Spreads

JPMorgan Chase is temporarily closing 1,000 branches — about 20 percent of its locations — in the wake of the coronavirus. It will keep its drive-through windows open.

FDIC Approves Square for Banking License

The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Square Financial Services will originate commercial loans to the retailers that use Square for payments.

Fiserv Acquires Bypass Mobile

FinTech leader Fiserv has acquired independent software vendor Bypass Mobile, an innovator in the point-of-sale systems arena. Bypass Mobile will provide back-office management and insight engines, which it has already provided for sports and entertainment arenas, food service providers and restaurant chains.

Putting the Move on the Moving Industry’s Gig Worker’s Pay

Attracting gig workers requires offering on-demand payments: One survey finds that 85 percent of gig workers would take on more jobs if they were paid faster. In our latest Gig Economy Tracker, CEO Luke Marklin of moving platform Bellhops explains why enabling seamless, mobile access to wages is critical to winning gig workers’ loyalty.

The Light at the End of the COVID-19 Tunnel

The COVID-19 pandemic has forced a number of analog businesses online in a hurry and, in its wake, has shined a bright light on how inconsistent the delivery of these new digital services can be — and where opportunities for innovation can smooth those rough edges. Paul Purcell, partner at Continental Advisors, says that although a short-term recession is likely a foregone conclusion, we may all end up getting back to a better version of normal, and sooner than many people may think.

Can One Startup Fill the US Coronavirus Testing Gap?

The at-home lab testing startup Everlywell says it will be first out of the gate in releasing a COVID-19 sample collection kit for home use. The samples are shipped for COVID-19 testing under the FDA Emergency Use Authorization, which was issued to help build out America’s testing capacity.

——————————

PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

TRENDING RIGHT NOW